Student loans have expanded the participation and admission opportunities of higher education for the first generation of college students in China. However, has it improved the first generation of college students' academic development? We need to accurately evaluate this problem. The Paper analyzed the student loans influence on the academic development of the first generation of college students, with the combination of Difference-in-Difference (DID) and Propensity Score Matching (PSM). Research found that student loans have failed to ...